How long should an appraiser look at a house?

[TheXman]

I just had an appraisal done for a refi and was wondering how long the appraiser should spend at the residence and what they are doing and looking for while they are there?
Thanks,
Josh

 

[Stone]

As long as it takes to understand the property. Seriously - there is no one answer to the question. Same for what they are looking for. It depends on the property.

Why don't you share your concerns over your inspection? It might be easier to discuss them versus attempting to give a general answer to a question that doesn't really have one.

 

[Edward OConor]

Does the front screen door close before you get you get done?

I really depends on the complexity of the property and the level of observation skills of the appraiser. E.G. The first time you go shopping at a large store it will take time to find what you are looking for the second visit less time etc......

The inspection is over when you have collected enough information about the property that you can produce a credible report.

 

[stefan olafson]

I agree, the length of time for the inspection depends on the type of appraisal being done, the level of competency of the appraiser and their familiarity with the property and the neighborhood. A complicated property inspection may take an hour or more, a simple residential property may take no more than ten or fifteen minutes.

 

[Terrel L. Shields]

vacant crackerbox....15 min or so. Fort Rich....3 or 4 hours Chicken Farm..ditto if not Biosecure....45 min if it is (i.e.- no admittance) Homeowner that follows me around about 18" behind my back and pointing out great features like the built in ironing board and the cat ractrack along the wall...fast as I can write and photo...

 

[LACKLAND27]

30 minutes.

It depends on the size of the home. If it’s a 25x46 ranch on a slab with an average size lot, there isn’t all that much to look at. An inspection of this type home should take from 20-30 minutes. Add 10-15 min for each additional level.

We are NOT home inspectors or engineers. We are looking for the overall quality of the finishes, room count, layout, amenities (deck, in-ground pool etc.), utilities, effective age (overall condition) and any deferred maintenance. If we see water damage, leaky roofs, broken windows, crack foundations we call for repairs and or inspection by a professional in the field.


We also note the properties location and any affect s from external influences (high traffic block, near commercial property etc.). We then compare the subject property to similar sales and listings in the subject market to ascertain an opinion of value. The inspection is the easiest and quickest part of the appraisal process. The real work is the data research, market analysis and appraisal write-up.


And just so you know many highly qualified appraises no longer do lending work. This is because of the HVCC created by NY AG Andy Boy Cuomo. This is because of the difficulty dealing Appraisal Management Companies (AMC) that want everything done in 24 hrs and try to pay you ½ the fee collect from the borrower. These idiots keep ½ the fee for sending the appraiser and email request and calling them 24/7 for status updates they were already given 2-3x already. Plus they try and enforce appraisal requirements which may actually lead to faulty appraisals.


So usually you are getting an ill-trained, poorly informed, newbie appraiser since most of the experienced and professional appraisers won’t work for these AMC s. So I wouldn’t be surprised if the person who inspected your home was: 1-done in 5-10 minutes. 2- Not really a licensed appraiser but an apprentice. 3-The fee to the appraiser was $150-$225 and you paid the bank $350-$500.

So tell your friends and public reps that Andy Boy Cuomo destroyed the appraisal industry while he enriched has AMC buddies so they would fund his run for NYS Governor! m2:

 

[TJSum]

As usual, the answer is, it depends. Based on your other thread, this appraisal is really bothering you, it would be money well spent to hire a good appraiser who knows your market to do a field review on it. The peace of mind will be well worth the fee.

P.S. Just as a side note, make darn sure the appraiser signing the report is the person who actually showed up at your house.

 

[JTip]

As long as it takes to understand the property.

Exactly.

7890

 

[Metamorphic]

My record is about 10 minutes for a new 1000sf tract house; time enough for about 12 pictures and confirming the specs sheet and floorplan info the sales office gave me. Longest was about 2 hours for a very nice, very large older home with lots of upgrades, an addition, complex floor plan, and about 50 pictures to get everything documented.

Typical is about an hour. That's probably too long, but subject property is the wellspring from which the rest of the appraisal flows. If you dont understand the subject the rest of the appraisal is worthless. I also take some time to chat up the HO. You can get a lot of good information in that process. Plus, the inspection is the only part of the process that I cant get a do-over on at my leisure.

 

[TheXman]

As usual, the answer is, it depends. Based on your other thread, this appraisal is really bothering you, it would be money well spent to hire a good appraiser who knows your market to do a field review on it. The peace of mind will be well worth the fee.

P.S. Just as a side note, make darn sure the appraiser signing the report is the person who actually showed up at your house.

Just trying to educate myself. The more I know about the process and how it should be done, the better off I am! By the way, the property in question is a 4 bed 2 bath ranch house 1863 sq ft on a 6,000 sq ft lot if that matters>